If you’re in the final phases of opening your business startup, you likely know that you have to register your business in the state where you’re located. Registering for most small businesses often involves forming a Limited Liability Company or for those with more complicated business structures, a C corporation or S corporation may be […]
If you’re a new business owner, you probably know that in the very near future, you’re going to have to register your business with both your state government as well as the Federal government. Since the government is involved, there must be some degree of complication and that is true when going through this process. […]
If you’re planning to incorporate your business, both a S corporation and a C corporation require the same items. The first and most important item is your articles of incorporation. Although individual states differ slightly on the items they require, below are 1o items you should plan on including in your articles of incorporation as […]
If you’re a budding entrepreneur or you started your LLC or Corporation and have seen an impressive amount of growth already, you may be contemplating quitting your day job in order to turn your business in to a full time venture. This may be the biggest decision you have made for your business since its […]
Tax is assessed on the profit of a corporation differently than the business profit of an independent contractor. Self-employed individuals receive a Form 1099 reporting their income as independent contractors. At high income levels, the tax rate for corporate profits is less than the personal rate. A tax savings is even realized when all the […]
A corporation is a distinct legal entity that pays workers for their services. Corporate shareholders who operate the business are compensated just like any employees. This permits the corporation to provide employee benefit plans to the owner. An independent contractor taxed on income reported by Form 1099 is not entitled to establish employee benefit plans […]
Business owners have discovered that selecting S corporation tax status results in business profit not incurring self-employment taxes—the employer and employee shares of Social Security and Medicare.